The Integrated Research Limited (ASX: IRI) share price hit a record high of $3.55 this morning after the software provider announced it is expecting a record profit of between $18 million to $19 million for the year ending June 30 2017.
That result would represent growth of between 13% to 19% over the $16 million achieved in FY 2016 as the company continues to grow software sales into its large addressable global markets.
Integrated Research's software is primarily used by businesses that include some of the world's largest banks, airlines and telecommunication companies in monitoring the performance of their IT infrastructure, payments or communications systems.
In fact the company counts 120 of the US's Fortune 500 leading companies as clients globally and boasts a long track record of double-digit revenue and profit growth.
The stock is up 351% over the past five years and appears to have a small competitive advantage via the market-leading nature of its prognosis software. Its return on equity is 18% and the business is debt free with $9.5 million in cash on hand as at the end of 2016.
